Thailand's International Business Environment and Economic Risks

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Thailand economic international environment and economic risk Thailand's economic system is a free enterprise economic system. In a free enterprise economic system various aspects of the economy are not closely monitored, the true market condition prevails whereby the prices for most basic commodities and services are demand driven. The government of Thailand has embraced this economic system although there are a few areas which are still under the government's watch for instance the gasoline and rice prices. Thailand's economy is driven by agriculture where it is still the world's leading producer of rice. Rice forms the bulk of its produce but other crops such as maize, mangoes, cassava, sugar cane, tobacco and pineapple among others are also grown. Apart from agriculture being the backbone of Thailand's economy, other economic activities are also explored which include mining. The country is endowed with tin, gold, iron, coal, lead and precious stones among others. Majority of Thailand's labour force are employed in the agricultural sector which is approximated to between 40% -50% of the population, and contributes to 12% of the country's GDP. Other areas of the economy are equally improving especially in the manufacturing sector which is more diversified; investors have ventured into this area which has seen it improve significantly. Tourism also generates revenue to Thailand's economy, as per the year 2011; the figures were approximated to be 6% (U.S. State
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